Overview

• The three state-owned fuel retailers posted a combined Rs 16,184 crore profit in April–June FY26 after pump prices stayed unchanged even as crude and benchmark fuel prices fell.
• BPCL topped peers with a Rs 6,124 crore net profit, ahead of IOC at Rs 5,689 crore and HPCL at Rs 4,371 crore.
• ICICI Securities estimates Q1 marketing margins at about Rs 10.3 per litre on petrol and Rs 8.2 per litre on diesel.
• BPCL outperformed operationally with per‑pump sales of 153 kilolitre a month, a 118% refinery run rate, and a USD 4.88 per barrel GRM versus IOC at USD 2.15 and HPCL at USD 3.08, with IOC reporting 130 kilolitre per pump.
• Inventory losses hit IOC at Rs 6,465 crore and HPCL at about Rs 2,000 crore, with IOC’s underlying GRM at USD 6.91 per barrel after adjustment, while a Rs 30,000 crore LPG subsidy remains pending and the firms booked LPG losses.